What is an opportunity cost
[PDF File]Lesson 1 Production Possibilities and Opportunity Cost
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Lesson 1 PrOduCTION POSSIbIlITIES ANd OPPOrTuNITy COST 6. Show Slide 1.2. Explain to students that one resource needed to produce both smartphones and tablet computers is the rare earth mineral coltan. Coltan is a heat-resistant ore that can hold a strong electrical charge; it is used to make capacitors for touch screens in smartphones and tablets.
[PDF File]1. Opportunity cost exists because
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The opportunity cost of going to the party is both watching the movie and the study time. d. Because you could go to the party only that night, but could go to a movie any time, the opportunity cost of the party is the study time. e. From the above information, it's not possible to determine the opportunity cost of attending the party.
[PDF File]SCARCITY, CHOICE AND THE PRODUCTION POSSIBILITIES …
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Opportunity Cost . The relevant cost of any decision is its opportunity cost - the value of the next-best alternative that is given up. This will mean that if we choose more of one thing, we will have to have less of something else. Economists use the term . opportunity cost. to explain this behaviour. The opportunity cost of any action is the ...
[PDF File]Lesson Plan 2 Opportunity Cost and Incentives
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c. Develop examples of opportunity cost and the “next best” alternative in a variety of contexts. (Re-emphasize that people are choosing.) •Individual, personal choices-relate to opportunity cost of coming to EFL this week, as identified in the ice-breaker activity yesterday afternoon • Business decisions
[PDF File]Chapter 2 Production Possibilities, Opportunity Cost, and ...
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Chapter 2—Production Possibilities, Opportunity Cost, and Economic Growth MULTIPLE CHOICE 1. Which of the following correctly lists the three fundamental economic questions? a. If to produce? Why to produce? When to produce? b. If to produce? What to produce? How to produce?
[PDF File]The Cyclicality of the Opportunity Cost of Employment
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ow value of the opportunity cost of employment, which we denote by z, plays a crucial role in many such models. The importance of this variable has generated debate about its level, but the literature has almost uniformly adopted the assumption that the opportunity cost is constant over the business cycle.
[PDF File]UNIT 1: Basic Economic Concepts
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might outweigh the additional cost (the opportunity cost). After three hours, the additional benefit from staying an additional half-hour would likely be less than the additional cost. 5 Key Economic Assumptions. 1. Society’s wants are unlimited, but ALL resources
[PDF File]Microeconomics Topic 1: “Explain the concept of ...
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The opportunity cost of this capital is what Josephine could have earned if she had taken the money and invested it elsewhere. If the rate of return on her best alternative investment opportunity is 10%, the implicit cost of capital is $10,000. This would be added to her other explicit costs of doing business to compute the opportunity cost.
[PDF File]THE CONCEPT OF OPPORTUNITY COST: IS IT SIMPLE, …
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concept of opportunity cost by US faculty, graduates and undergraduates. Given that opportunity cost is widely believed to be fundamental to economic thinking, this empirical evidence raises important teaching and conceptual issues. One implication is that the concept is poorly taught in textbooks and classrooms from
[PDF File]Lesson 1: Scarcity and Choice - Social Studies Curriculum
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‘opportunity cost’ is introduced. The teacher explains that every time a choice is made, there are other things that are not chosen. The next best choice or alternative you do not choose is called your opportunity cost. Circling their second choice, students identify …
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